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Exp. only, 1 Southeast, 1 West Coast
Looking to Expand Your Career
Base Salary & Commission
resumes to :
Stable, profitable independent lessor, 30 years in business,
Chicago suburbs

Monday, July 16, 2012

Today's Equipment Leasing Headlines

  Classified Ads--Summer Special—Help Wanted
   Classified Ads---Asset Management
Dahlka & Team Back as Cole Taylor Equipment Finance
 10 Places to Look for Leasing Business
  Classified Ads--Help Wanted
   Career Crossroad—
    "...forced to state not fit for the position to get my check."
 Bank Beat---Oldest Bank Fails in Missouri
  Problem Banks---Up-Date
   Leasing 102 by Mr. Terry Winders, CLP
    "Change of Location"
 Confusing Notices and Change of Plans
  May Bar Recovery for Equipment Lessors
   by Tom McCurnin, Esq.
  Top Stories--July 9--July 13
      Wells Fargo market cap races beyond other big banks
      By Robb Soukup and Sudarshan Agrawal, SNF Financial
        Labrador Retriever
       Towson, Maryland Adopt-a-Dog
News Briefs---
   Shocker! Iowa Broker steals $100M over 20 yrs.
Netsol Expects Fiscal Year 2012 Revenue $37MM to $38MM
    Microsoft Breaks From NBC, Launches News Portal
        Study: YouTube source for news, disaster footage
            Regulating Franchising, Part 2   
KFC Copycat Fried Chicken: Better Than the Colonel’s

Broker/Funder/Industry Lists | Features (collection)
Top Ten Stories Chosen by Readers | Top Stories last six months

  You May have Missed---
   SparkPeople--Live Healthier and Longer
    Sports Briefs---
     Baseball Poem
      California Nuts Brief---
       "Gimme that Wine"    
          This Day in American History
           Daily Puzzle
               Weather, USA or specific area
                 Traffic Live----

######## surrounding the article denotes it is a “press release” and was not written by Leasing News nor information verified, but from the source noted. When an article is signed by the writer, it is considered a “by line.” It reflects the opinion and research of the writer. It is considered “bias” as it is the writer’s viewpoint.

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  1. [headlines]

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Ads are placed in the "Help Wanted' section by category, alphabetical, with the ad with the most lines first in the group. They appear on the web site and in each news edition at the top, not in flash, but in separate news editions. (The “help wanted” top ad are changed in each news edition in sequence with other “help wanted” ads, mostly in a chronological basis.) The ad always appears in the classified help wanted section in each news edition, plus remains on the web site, even when it appears at the top of the headlines.

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20+ years with record of success. Hands on manager that can show how its done to get great results in Asset Management

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Dahlka & Team Back as Cole Taylor Equipment Finance

Edward A. Dahlka, Jr, former president of LaSalle National Leasing Corporation (sold to Bank of America 2007 ), as well as past president of the Equipment Leasing and Finance Association (2002-2003) and Equipment Leasing and Finance Foundation (2010 -2011) , is back in business, leading the Cole Taylor Bank new equipment finance division at 501 Fairmount Avenue, Suite 301 Towson, MD 21286. He brings with him industry veterans Steven Williams, Peter J. Steger, Joseph A. Maddox, and John A. Hurt, all of who worked with Dahlka at LaSalle National Leasing.

They have no direct inside sales team at this time except for the staff Dahlka brought with him. Right now Steven Williams (410-582-0945/ is looking for business from banks, leasing companies, and select brokers in the $2-$15 million range primarily, “BB” and above credits, tax deals, residual positions, any where in the United States, he says. His goal is $160 million this year. He is primarily looking at industrial, manufacturing, and transportation.

Williams says, "Cole Taylor Equipment Finance will specialize in originating and syndicating commercial equipment leases for U.S. companies. The syndication function offers both buy and sell opportunities to the investor community."

Ed Dahlka
Cole Taylor Equipment Finance

Ed Dahlka, President of Cole Taylor Equipment Finance, added, "I'm delighted to have joined Cole Taylor Bank. My team shares with Cole Taylor a dedication to customer service and a commitment to trust and transparency. Our team averages more than 25 years in the leasing business, and we're looking forward to bringing our experience and expertise to this outstanding organization. Our customers and market participants will see that the deals we structure will be exactly what we deliver."

Mark A. Hoppe
Cole Taylor Bank

"I am very pleased to welcome Ed and his team to Cole Taylor," said Mark A. Hoppe, President and Chief Executive Officer of the Bank. "I've known Ed for many years, and the highly-experienced team has an established network in the marketplace. I'm confident they will build a successful and sustainable line of business for the bank. We expect that Cole Taylor Equipment Finance will become a strong source of balance sheet growth and fee revenue for the bank and further contribute to the diversification of our earnings."

Leasing News Archive September 19, 2007:

Dahlka is extremely well known and thought of in the equipment leasing and finance industry, very active in both the Equipment Leasing and Finance Association as well as the Equipment Leasing and Finance Foundation.

Changing of the guard: Outgoing Equipment Leasing Association Chairman Joe Lane, formerly of IBM, and incoming chairman Edward A. Dahlka, Jr., President, LaSalle National Leasing Group. ELA (now ELFA) Magazine, 2002

"... Prior to joining LaSalle, Dahlka served as both executive vice president of Sanwa Business Credit Corporation (SBCC) and as president of Sanwa General Equipment Leasing Incorporated (Sanwa GEL). Before Sanwa, Dahlka served as president of MNC (formally known as Maryland National Leasing Corporation). He began his business career at Ford Motor Company in their general office accounting group, moved into commercial lending at Manufacturers Bank of Detroit and later returned to Ford Motor Credit in the equipment leasing group. Throughout his long career in leasing, Dahlka has been an active member of the Equipment Leasing Association in addition to supporting the Foundation. He served for three years as Chairman of the Federal Government Relations committee and as a member and Chairman of the Bank Lessors Committee. In April, 1991, Dahlka was elected to the Board of Directors of the ELA, serving on the Finance, Nominating and Executive Committees of the Board completing his service in October, 1996.

"Edward Dahlka, President of LaSalle National Leasing Corporation, is the longest running, consistent individual donor in Foundation history. He has personally donated since 1989 and LaSalle also is a donor. The Foundation, which is 100 percent donor-supported, counts on individuals like Dahlka to keep the flow of research, articles and other products flowing. 'I believe in our industry," says Dahlka about donating. "The Foundation produces a lot of good information that wouldn't be gathered otherwise. It has real value.' “


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10 Places to Look for Leasing Business

In the FDIC Beige Book, published eight times a year, the reports of districts can be helpful in looking at trends for industries. Franchise reports not only indicate which are doing better, but where they are opening up. Another indicator comes from the SNL financial year-over-year changes in unemployment rates since 2010 in the 10 largest populated metro areas in the U.S.

Here are the numbers:

The lower unemployment percentages should be noted, and perhaps as well, the percentage drop comparing April 2012 to April 2010.


Career Crossroad—
"...forced to state not fit for the position to get my check."

Question: I was recently let go and was asked to sign a document basically stating that I was not a fit for the position I was hired for. I signed the document thinking I had to in order to receive my last check. Did I need to do this?

Answer: I am not an attorney, but my understanding is that you are not required to sign documents to receive your paycheck. I recommend you speak with an attorney. As a matter of fact, if you are being “fired” (that is the reality) and a company refuses to hand over your check without your signature on a document before you leave the office – leave the check. Let the employer know you will consult with your attorney and will be contacting the Department of Labor.

By signing such a document, you may lose your right to unemployment benefits or may have to return sign on bonuses, etc… Again, your best bet is to consult with an attorney on this matter that specializes in employment law.

If you are concerned about the cost, first request what the fee will be, and if too high, let them know what you can pay. You can also consider the Legal Aid Society in your area or call the local bar association, who have attorneys who work pro bono for such situations.

Emily Fitzpatrick
Sr. Recruiter
Recruiters International, Inc.
Phone: 954-885-9241
Cell: 954-612-0567
Twitter: @RIIInfo
Invite me to Connect on LinkedIn & Follow RII on LinkedIn

Career Crossroads Previous Columns


Leasing News Help Wanted

Dallas-Fort Worth
Seasoned Leasing professional in Dallas-Fort Worth area, experienced in 3rd party generated business. Must be highly ethical, self starter with a good understanding of financials and able to produce immediately and consistently. Generous commissions paid and
benefits after initial trial period.

Please submit resume to
Contact: Ron Mitchell 214-615-0667 direct


Exp. only, 1 Southeast, 1 West Coast
Looking to Expand Your Career
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resumes to :
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Chicago suburbs


For information on placing a help wanted ad, please click here:

Please see our Job Wanted section for possible new employees.


Bank Beat---Oldest Bank Fails in Missouri

The bad news, a 160 year old bank fails; the good news, the FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $100,000, as well as a like bank will continue to serve loyal bank customers. $825,000, however, is not being paid for the TARP borrowing.

Glasgow Savings Bank, Glasgow, Missouri, was closed with Regional Missouri Bank, Marceline, Missouri, to assume all of the deposits. Regional Missouri Bank was formed May, 1908, originally as the Bank of Bynumville.

"Phillip Porter purchased the lot to build the bank for $50, and the bricks for the bank were made from the clay soil next to the bank. For a period of time, the second floor housed the local high school.

"The bank's name changed to Regional Missouri Bank in 1978, and a second bank was built in Marceline in 1982. The Board of Directors decided to move the bank from Bynumville to Salisbury. Regional Missouri Bank opened in Salisbury in February 1997, to more conveniently serve our customers. Regional Missouri Bank opened a third facility July 2000, located in downtown Marceline. In October 2006, Regional Missouri Bank acquired our fourth branch located in Keytesville, formerly known as the Bank of Keytesville. The fifth branch, located in Bucklin inside Prenger's Grocery Store, opened January 22, 2008."

In addition, this regional bank is also a farmer's bank:

Founded January 1, 1852, Glasgow Savings Bank had 7 full time employees as of March 31, 2012. It is "...the oldest bank in Missouri. Opening under its original charter on April 1, 1852 as "Exchange and Banking House" it is also the first bank to be opened in Glasgow. In 1859 a new charter was granted under the name Western Bank and on April 17, 1871 a third charter named it the Glasgow Savings Bank.

"On May 16, 1933, Glasgow Savings Bank was honored by being made a member of the Federal Reserve System, Howard County's first bank to be so delegated, and subject to all Federal banking laws and regulations. In 1996 Glasgow Savings Bank became the First Oldest Bank in Missouri after Boatman's Bank merged with Nations Bank"

"Glasgow 2000 census population was 1,263 and is located at the junction of Highways 240, 87, and 5 on the sharpest bend of the Missouri River. It's halfway between St. Louis and Kansas City, about 35 miles north of Columbia. The bank is located a block from the river.

"Early in its history, Glasgow was a Mecca of commercial activity, shipping vast quantities of hemp and tobacco from its steamboat port. Glasgow now ships large quantities of corn by river barge and rail line. Shipping by river is still possible because Glasgow is one of the few towns left with its commercial business district right on the river bank. So many river towns were left stranded, miles from the fickle path of Missouri River.

"The advent of the railroad decreased Glasgow's strategic value as a stable steamboat port. However, the same qualities of location and commercial stability made it the ideal site for the world's first steel bridge in 1879."

Real Estate (homes, businesses, pasture land)

The median income for a household in the city was $30,242, and the median income for a family was $36,806. Males had a median income of $24,188 versus $17,130 for females.

2009 the bank had its first loss, a major one, $305,000, following a $410,000 charge off. February 2009, Glasgow received $825,000 from the U.S. Treasury under the TARP program of which the full amount remained unpaid through today’s closing of Glasgow Savings Bank. 2010 the charge off was $401,000 and 2011 $719,000. The first quarter found a $727,000 charge off and the small bank with a net equity of $4.5 million in 2006 was down to $471,000 with a Tier 1 risk-based capital ratio 2.69%.

It was not only the charge offs, but the non-current loans which meant less loans being paid on time, hitting cash flow and profits and booming from $201,000 in 2009 to $1.4 million, 2010; $2.7 million, 2011, and the latest of record by the FDIC filings, $3.1 million March 31, 2012.

The filing shows the bank was primarily in agricultural lending, and it appears farmers and those families and companies who live off the land are having a rough time, as may happen to Glasgow’s successor: Regional Missouri Bank.

Note the recent local Saturday headline:

Drought brings local farmers on the brink


(in millions, unless otherwise)

Net Equity
2006 $4.5
2007 $4.5
2008 $4.5
2009 $4.9
2010 $1.9
2011 $1.4
3/31 $471,000

2006 $246,000
2007 $299,000
2008 $235,000
2009 -$305,000
2010 -$3.0
2011 -$472,000
3/31 -$984,000

Non-Current Loans
2006 $77,000
2007 $34,000
2008 $99,000
2009 $201,000
2010 $1.4
2011 $2.7
3/31 $3.1

Charge Offs
2006 0
2007 $73,000 ($31,000 loans to individuals, $32,000 other loans, $32,000 farmers, $10,000 1-4 family)
2008 $79,000 ($38,000 loans to individuals, $23,000 1-4 family, $20,000 commercial industrial, -$2,000)
2009 $410,000 ($251,000 multifamily, $86,000 1-4 family, $77,000 individuals, -$4,000 other)
2010 $401,000 ($407,000 individuals, -$4,000 other loans, $-2,000 1-4 family)
2011 $719,000 ($645,000 nonfarm, nonres., $82,000 1-4 family, -$12,000 other, -$8,000 indiv.)
3/31 $727,000 ($476,000 construction/land development, $190,000 nonfarm nonres., $62,000 1-4 family -$1,000 other loans, $1,000 farmers)

Construction and Land, 1-4 family multiple residential, Multiple Family Residential, Non-Farm Non-Residential loans.

As of March 31, 2012, Glasgow Savings Bank had approximately $24.8 million in total assets and $24.2 million in total deposits. In addition to assuming all of the deposits of the failed bank, Regional Missouri Bank agreed to purchase essentially all of the assets.

List of Bank Failures:

Bank Beat:




Problem Banks---Up-Date

(FDIC Chart)

Should not be a surprise as the FDIC lists 772 problem banks as of March 31, 2012. The next report will not be out until August.

The good news is the numbers are down from December 31, 2011 when there were 813. And there have been 16 bank failures through March, 2012.

Nevertheless, Problem Banks now account for 10.5% of all banking institutions. The FDIC currently insures deposits at 7,309 banks and savings associations of which 772 are classified as Problem Banks.

As of March 31, 2012 there were 7,307 FDIC insured banking institutions with FDIC insured deposits of $7.03 trillion. The number of Problem Banks has declined for four quarters in a row from 888 at March 31, 2011. Total assets held by troubled institutions as of March 31, 2012 is $292.1 billion, a decrease of $27.3 billion from $319.4 billion in the previous quarter. The FDIC Deposit Insurance Fund, which protects insured depositors from loss when a bank fails, had a balance of only $15.3 billion at March 31, 2012 for a reserve ratio of 0.22%.

The FDIC took additional steps to increase the DIF by requiring FDIC insured financial institutions to prepay three years of deposit assessments. This measure is expected to add $46 billion to the DIF.

Currently the FDIC also has a line of credit at the US Treasury of $100 billion, with the ability to borrow up to $500 billion with the consent of both the Federal Reserve and the Treasury Department.

At one time, many leasing companies were getting into industrial banks and also affiliating themselves with other banks, but with the new regulations, there seems to be a change in this, particularly if new accounting resolutions come into play it will further restrict banks from participating in such true lease transactions, thus one of the powerful reasons the banks are lobbying against any lease accounting changes.

There should be no surprise about a bank being for sale. Here is one from the commercial bank section of Merger Network.

"Successful Community Bank
Industry: Finance & Insurance // Commercial Banks Location: United States // Midwest States Price: Between $10 Million and $15 Million Status: For Sale. Solid state chartered community bank with a deposit base in excess of $ 100 Million offered for sale to qualified principals only. Excellent location and thousands of satisfied customers. Wide variety of loans in its portfolio. Modern facilities with good location. Above average growth potential. " has many US Banks for sale:
Small Public bank making money for sale. Great Management in Place. Having substantial track record, multiple locations and profitable. Approx $500M in assets. Perfect for regional expansion and growth. Equity position also available. Contact for more information on this Bank for sale.

Asking Price Range: $20.0M - $35.0M
Gross Revenues: $7,000,000
Cash Flow: $2,000,000
Cash Flow Type: Sellers Discretionary Cash
Seller Financing: Not Disclosed
About The Business
Year Established: 1998
Number of Employees: 20 - 34


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Leasing 102
by Mr. Terry Winders, CLP

"Change of Location"

Most leases should carry a requirement that the lessee notify the lessor of any change in location of the equipment. This of course does not apply to transportation equipment or equipment that will be used at a variety of locations. All other equipment should have its location noted on the lease with a statement that it cannot be moved to a new location without giving the lessor notice. This does not mean that they need the lessor’s permission to relocate the equipment, but there are many reasons to have knowledge of the change, including personal property tax or other license requirements.

Occasionally a change in location may involve a sublease or a use by a sister corporation or perhaps just an unauthorized user. Some equipment is actually sold and the buyer does not care or know enough to check UCC filings.

Mergers happen and equipment is moved to a new location where it can be better utilized. If this occurs, because of a name change, you need an assumption agreement to transfer responsibility to the new company. Occasionally mergers happen without the knowledge of the lessor and rents continue to come in but the equipment is sold because it is no longer needed and the new company is unaware that it is leased.

Equipment over and above a certain amount determined by you should be scheduled for an on sight inspection, if not each year, than on a routine basis. Especially if the equipment is moved. Due to the quite enjoyment clause required by Article 2A you need to inform the lessee of your inspection and establish a convenient date. An email, a letter, even a post card (remember them) that request a date to inspect all equipment should be sent out regardless of transaction size and whether or not you intend to conduct the inspection because you may be surprised at the response and it may correct some problems very early. It also puts you in communication with your lessee and provides a marketing opportunity.

Since the current UCC-1 filing requirements are made in the State where your lessee has filed his business papers, it does not require a new filing if the equipment is move out of State. However the new State may not be a State that you are registered to do business and may require some additional work on your part. States have different laws and you need to be aware of that.

I have always believed that placing stickers on equipment with your name, address, and phone number and an ownership statement solves a lot of these problems for lessee’s and others that may not understand this equipment is under lease. This applies to Article 9 leases as well as Article 2A leases. The smaller the equipment and the more mobile it is just increases the need for the lease stickers. It certainly will help you in a bankruptcy court or attempt to repossess the equipment.

Some short form leases fail to include location change language but it is one of the more important clauses and should be articulated by whoever closes your lease and it should be covered in your thank you letter that contains the copy of the lease with all signatures and blanks completed. It is always smart to list some important requirements (in the kings English) that are in the lease (which nobody reads) so the lessee is fully informed. Location is rarely a concern of the lessee so I strongly recommend you mention it in your closing letter.

Mr. Terry Winders, CLP, has been a teacher, consultant, expert witness for the leasing industry for thirty years and can be reached at or 502-327-8666.

He invites your questions and queries.

Previous #102 Columns:

Mr. Terry Winders available as Expert Witness. 35 years as a professional instructor to the top equipment leasing and finance companies in the United States, author of several books, including DVD's, as well as weekly columnist to Leasing News. He also performs audits of leasing companies as an expert on documentation, and has acted as an expert witness on leasing for litigation in legal and tax disputes, including before the IRS. He also has taught the senior bank examiners, how to review a bank leasing department, for the Federal Reserve in Washington D.C. and has trained the examiners for the FDIC on how to prepare a lease portfolio for sale.

Mr. Winders received his Master of Business Administration and his Bachelor of Science degrees from the College of Notre Dame.


(This ad is a “trade” for the writing of this column. Opinions
contained in the column are those of Mr. Terry Winders, CLP)



Confusing Notices and Change of Plans
May Bar Recovery for Equipment Lessors

by Tom McCurnin, Esq.
Barton, Klugman & Oetting
Los Angeles, California

Every year about this time, I go through an exhaustive list of Uniform Commercial Code cases where we try to make sense of conflicting rulings and hence advise clients what to do when traversing the legal minefield. Up for your consideration are three cases, which nearly identical facts, and different results. Ultimately the lesson for asset managers is simple—if you say you are going to do something, do it—don’t change your mind, and if you do, give reasonable notice of that change.

It is well known that if a secured creditor desires to obtain a deficiency judgment, it has to serve notice on the debtor as to the date and type of the foreclosure sale. Most personal property foreclosure sales are private sales, which are noticed for a date “on or after” a specified date, giving the secured creditor ultimate flexibility to find the highest bidder. But what if the secured creditor changes its mind, and notices a private sale, but forecloses in a public sale?

That situation was directly at issue in our first case of VFS Leasing v. Bric Constructors, LLC, 2012 WL 2499518 (Tenn. Ct.App. 2012), there, VFS Leasing repossessed some Volvo Haulers and noticed up a foreclosure sale on or after September 22, 2008. However, on October 30, 2008, VFS decided to sell the Haulers at an on-line auction, and then re-sold on other auction websites for 38% more.

The lessees made the argument that the notice of private sale was confusing, because the sale that actually occurred was an on-line auction. The lessees argued that they could not attend nor supervise a private sale, but could have attended and bid at the public sale.

The Court noted that the requirement for an accurate notice was to permit those persons with an interest in the collateral to protect their interest by finding a buyer, or being present at the sale to bid, so that the collateral is not sacrificed by a sale at less than its true value, and the lack of clarity in the notice was not reasonable per Uniform Commercial Code 9-613 Official Comment 2. Consequently, the Court found that the notice may have been unreasonable and reversed the trial court’s judgment for the deficiency.

The second case has similar facts, but a different result. In Mountaineer Investments LLC v. Heath, 165 Wash.App. 1008, 2011 WL 6038450 (Wash.App. 2011), the secured creditor sent two notices, one for a private sale, and a second one for a public sale each for the sale date, but sold the collateral at a private sale a week later.

Instead of focusing on the notice issue, the Court concluded that the sale yielded a fair price, was adequately advertised, and was commercially reasonable. The issue of the improper notice of sale was barely mentioned by the Court, so it is uncertain whether the proper argument was made and preserved by the borrower.

The third case is Williams v. Gillespie, 346 S.W.3d 727 (Tex. App. 2011), where the secured creditor obtained a judgment against the borrower for collateral and worked out an informal process whereby some of the collateral would be placed for sale. When it didn’t sell, the creditor simply took the collateral, and kept it, crediting the judgment for what he felt the collateral was worth. He then sought to levy on other assets.

A very clever debtors counsel argued that there are two types of sales—judicial and those under the Uniform Commercial Code and this creditor did neither. Since he retained the collateral and sought a deficiency, which was incorrect under either foreclosure or UCC law, the debtor argued the deficiency was barred. The Texas Court of Appeal concurred. In essence, if the sale was a judicial sale, have the Marshal do it, if the sale was under the UCC, then notice a proper sale, but you can’t have it both ways.

There are some lessons here for the leasing asset manager. Courts are fickle creatures and if you notice a borrower for one thing, and do another, the Court may pull your chestnuts out of the fire, or may let them burn. The safe bet is to notice the sale that you intend to conduct and if you change your mind, provide clear notice of that intent.

Tom McCurnin
Barton, Klugman & Oetting
Los Angeles, California
Voice:(213) 621-4000
Fax (213) 625-1832

Visit our Web Site at

Leasing Cases by Tom McCurnin




Top Stories--July 9--July 13

Here are the top ten sorties opened by readers

(1) Bulletin Board Complaint
Integrity Financial Groups, Murray, Utah

(2) $17 Million Fraud Closes the 6th Bank this year in Georgia

(3) 30 Days---No Response!
---re: Marlin Bulletin Board Complaint

(4) Republic Bank out of leasing?

(5) Good News from Patrick Sponsel
-- Prayers Worked!

(6) Pray for Patrick Sponsel

(7) Career Crossroad—
Is it Legal to do background checks?”

(Tie) (8) Companies Who Do Not Notify Lessee regarding termination
nor have such a standard for their discounters

(Tie) (8) "Pre-Funding of Leasing" ruling
By Scott D. Chait, Esq.

(Tie) (9) Ten Surprising Products Still Made In America

(Tie) (9) Leasing 102 by Mr. Terry Winders, CLP
Who is Your Lessee?”

(10) New Hires---Promotions

John Kenny Receivables Management

• End of Lease Negotiations & Enforcement

• Fraud Investigations
• Credit Investigations • Asset Searches
• Skip-tracing • Third-party Commercial Collections | ph 315-866-1167|

(Leasing News provides this ad as a trade for investigations
and background information provided by John Kenny)




Wells Fargo market cap races beyond other big banks

By Robb Soukup and Sudarshan Agrawal
SNF Financial

After a period in which concerns about global banks' exposure to the European sovereign debt crisis dominated investor concern, and after it was forced to hastily admit to a massive trading loss, JPMorgan Chase & Co. was overtaken by Wells Fargo & Co. as the largest bank holding company in the U.S by market capitalization.

From late June in 2011 to late June this year, JPMorgan lost nearly 15.04% of its overall market valuation, falling to $136.01 billion from $160.08 billion. The year was dominated by fears that the sovereign debt crisis in Europe would spiral out of control and inflict losses on the largest U.S. institutions with potential exposure to the problems. Those concerns also ate into the valuations at the other major money-center institutions that the market perceived had exposure to the problems festering across the Atlantic: Bank of America Corp., which lost 20.63% of its valuation, falling to $88.15 billion from $111.06 billion, and Citigroup Inc., which saw its valuation decline 33.85% to $80.37 billion from $121.50 billion.

Over the same period, Wells Fargo saw its overall market value surge 19.98%, to $177.68 billion from $148.11 billion. Though the company continued making incremental moves during the year to bolster its capital markets businesses, the company does not have the robust or sizable capital markets or derivatives units that could experience volatility if the eurozone destabilizes further. Instead, the company has looked to acquire assets from Europe and extend its existing dominance in the U.S. mortgage market, where its share is nearly 3x that of JPMorgan's, the No. 2 institution in the market.

The European jitters among investors worked in the favor of larger regional banks, which investors in the bank space seem to regard as a refuge from sovereign debt problems. As a result, most did not see nearly the precipitous decline that their largest competitors saw during the period, and many saw valuations climb higher during the period. The worst-performing company among regional institutions was New York Community Bancorp Inc., which saw a decline of 16.08% as its market capitalization fell to $5.50 billion. Worries about the safety of the company's dividend may have in part fueled the bank's sliding market capitalization.

The best-performing institutions among large banks were Capital One Financial Corp., which acquired ING Direct USA, and U.S. Bancorp, which also likely benefited from its relative safety to the issues in Europe. Capital One's market capitalization jumped 33.66% during the period, and U.S. Bancorp's market capitalization jumped to $60.92 billion from $49.10 billion at the end of the second quarter of 2011.

Regions Financial Corp. was one of the larger regional banks that saw its market capitalization climb, as well. The company has been busy with strategic initiatives, including completing a $900 million common stock offering that cleared the way for the company to repay TARP. As part of its balance sheet reformation, the company also sold Morgan Keegan & Co. and its related businesses.




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Labrador Retriever
Towson, Maryland Adopt-a-Dog

ID#: 12411
Sex: Female
Color: Black
Weight: 64 lbs
Age: 5 Years

“I am already spayed, housetrained, purebred, up to date with shots, good with kids, and good with dogs."

Laurel's Story...

"Laurel is a gorgeous 5 year old who weighs 64 pounds. She is a very sweet girl that loves people and does very well with other dogs. Laurel is well behaved ~ she walks well on the leash. She is currently positive for heart worm and is being treated by Lab Rescue. Laurel was taken from a hoarder situation, so she is looking forward to a having a loving family and living a relaxed life. She is a wonderful, loving girl. Approved for kids 5+.

"Update from foster home (7/02): Laurel is great in the crate but does not need it at all. She has great house manners and will take care of her business on command when taken out. She will not come back even if called until she has completed her business so there has never been even one accident in the house! She is super sweet and adores human attention. She likes to play with the dogs too but prefers the humans!

Update from foster home: Laurel is doing great! She is a super love bug that just wants to be with you whenever she can ~ a "Velcro" dog that wants nothing more than to give you a lab lean or a hug, or lay her head in your lap and snuggle. However, she is good in her crate also, quiet and patient. She is great with all the dogs in my care but may be a little too much for really small dogs as she loves to play! She settles great in the house, has not had any accidents at all and is respectful. She is good with "hugging" and all over handling, in fact loves it. She has been good with my older daughter also so she is OK with kids 8 and up for now. Due to her back- ground, she is sometimes a bit anxious and play, just always checking things out, but never a problem or destructive. She is great on leash and is working on learning some basic obedience commands also. All in all a very sweet girl just looking for someone to love her!

Update from foster home (6/08): Laurel has not had any accidents, and when I take her out and tell her to go potty she does ~ then she is heavily praised. Great in the crate ~ does very well with it. She did jump the interior fence (short 3 foot yard divider for training area) to get to the other side of the yard where I was. She is just such a people dog and doesn't want you to leave her ~ so will not be doing that anymore ~ otherwise she stays put and has not even bothered with the exterior fence line. A real love bug! Right now I am working on her staying "back" from doors and gates, keeping her feet on the ground/floor. I will send you some good pics this weekend.

"PS. She is a typical, typical lab! The first thing she did was jump right in the pool for a swim!"

This dog is available for adoption from Lab Rescue LRCP. If you are interested in adopting, please visit and complete an adoption application. Within a few days of submitting an application you will hear from an Adoption Coordinator guide who will guide you through the process.

The Adoption Coordinator can provide additional information about this and other Labs. This is just one of 50 dogs available for adoption through Lab Rescue LRCP at this time. New dogs come in daily.

An adoption fee is charged to cover the cost of veterinary care and a house check is required.

Contact This Rescue Group...

Rescue Group: Lab Rescue LRCP - Towson MD
Pet ID #: 12411
Contact: Wendy Finn
Phone: (301) 299-6756
Let 'em know you saw "Laurel" on!
Address: Towson, MD 21204


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After the Game 
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Bases yanked.
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Tarp pulled
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This Day in History

        1769-Mission San Diego de Alcala  was dedicated and blessed by Father Junipero Serra.  After high mass, the royal standard of Spain was unfurled over the mission, which was named in honor of San Diego de Alcala.  The mission, located in what is now San Diego, California, was the first of 21 California missions to the Indians
    1779-the first Revolutionary War Bayonet charge was led by General Anthony Wayne, known as “Mad Anthony,” who charged the British garrison at Stony Point, NY, with 1,200 men and forced it to surrender.  He was slightly wounded. The British loss was 63 killed and 553 wounded; the Americans loss, 15 killed and 83 wounded.
    1790- George Washington signed legislation that selected the District of Columbia as the permanent capital of the US. Boundaries of the district were established in 1792-Plans called for the government to remain housed at Philadelphia, PA, until 1800, when the new national capital would be ready for occupancy.
 ( lower half of:   )
    1808 - Meriwether Lewis and William Clark, two of the few white men who had actually seen the mysterious territory of the Far West, help form a new company to exploit the region's abundant fur-bearing animals. On the journey, they were overwhelmed by the abundance for beaver, otter, and other fur-bearing creatures they saw. The territory was ripe for fur trapping, they reported to President Thomas Jefferson. Both Lewis and Clark recognized that sizeable fortunes could be made in fur trapping, and they were not averse to using their exclusive knowledge to gain a share of the profits. 
    1821-birthday of Mary Baker Eddy, Founder of Christian Science, born near Concord, NH. She died at Chestnut Hill, MA, Dec. 3, 1910. She is one of the very few, if not the only woman to found a major religion.   In 1874 she founded the Christian Science movement after recovering from illnesses with the use of spiritual healing. She studied the process and developed her own system that preached that the mind is the only reality and that illnesses and infirmities of the body are merely illusions and can be cured by mental effort, chiefly the reading of Jesus's words in the New Testament.
    1849- Clara Shortridge Foltz ,born Lafayette, Indiana- U.S. reformer, attorney, editor, and publisher who changed California's sexist laws. She had read law and then found out California did not allow non-male attorneys.  Together with Laura D. Gorden, they got that law changed. When she was denied admission to a San Francisco law school, she brought suit and along with Ms Gorden argued it to victory to the California Supreme Court.
    1862- African American journalist and anti-lynching crusader Ida B. Wells was born the daughter of slaves at Holly Springs, Mississippi and grew up as Jim Crow and lynching were becoming prevalent.  Wells argued that lynchings occurred not to defend white women because of whites' fear of economic competition from blacks. She traveled extensively, founding anti-lynching societies and black women's clubs.  Wells' “Red Record”( 1895) was one of the first accounts of lynchings in the South.
    1863- New York City.  Nearly 1000 the end of three days of ant draft riots in persons were killed 
or wounded before federal troops restored order.
    1867- Averill Paint Company of New York City produced the first paint ready-mixed. The company went out of business in the early 1900's, not being able to maintain a consistent standard of color.  The first manufacturer to do so was Henry Alden Sherwin, founder of Sherwin-Williams, Cleveland,OH, which began producing paint in 1890.
    1877-President Rutherford Richard Hayes called out Federal troops to suppress the strike by railroad employees.  This was in response for aid from eh governors of West Virginia, Maryland, Pennsylvania, and other states.
    1880-Writer Kathleen Norris born Washington, DC - highly popular U.S. author. KN wrote 81 novels and many short stories that made her one of the most popular writers in the U.S. 
    1882-birthday of V.A. Johnson, the first Black female to argue before the US Supreme Court.
    1889-birthday of Joseph Jefferson (Shoeless Joe) Jackson, baseball player, born at Brandon Mills, SC.  Jackson's legendary excellence as one of the game's finest right-hand hitters is besmirched by his alleged involvement in the Black Sox Scandal of 1919.  Jackson stood accused of participating in the conspiracy to throw the World Series, and he, along with seven teammates, was banned for life. Died at Greenville, SC, December 5, 1951.
    1900-His Master's Voice, the logo of the Victor Recording Company and later RCA Victor, was registered with the US Patent Office. The logo shows the dog, Nipper, looking into the horn of a gramophone.
    1907-Actress Barbara Stanwyck was born Ruby Stevens at the Flatbush section of Brooklyn, NY. At the age of 18 she won a leading role in the Broadway melodrama Noose, appearing for the first time as Barbara Stanwyck. She appeared in 82 films including Stella Dallas, Double Indemnity, Sorry, Wrong Number, The Lady Eve and the television series “The Big Valley.” In 1944, the government listed her as the nation's highest paid woman, earning $400,000 per year. My late father Lawrence Menkin worked on two of her films as a writer in the late 1940's, but did not like “life” in Hollywood. He returned in 1954, and did stories for her television show. Stanwyck died at Santa Monica, CA, Jan 21,1990.
    1920-In his first season with the New York Yankees, Babe Ruth hit his 30th home run to break his own record set in 1919 as a member of the Boston Red Sox. Ruth finished the year with 54 home runs.  He hit 59 in 1921 and 60 in 1927.
   1925-birthday of vibe player Cal Tjader, St. Louis, MO  Died May 5, 1982.
    1925-Pianist Nat Pierce Birthday
    1928—birthday of guitarist Bola Sete, Rio de Janeiro, Brazil
    1928-Cow Cow Davenport records “Cow Cow Blues” (Vo 1198).
    1934-Beginning of the San Francisco General Strike. 127,000 workers participate. A
longshoreman's strike spreads to become a two-day general strike paralyzing the area, & leading to a successful settlement.
    1935- Oklahoma City, OK, installed the first automatic parking meter.  
Twenty-foot spaces were painted on the pavement and a parking meter that accepted nickel was  installed at the head of each space by the Dual Parking Meter Co. of Oklahoma City.
    1936-photographer Walker Evans starts his assignment of sharecroppers in Hale County, Alabama 
    1938-Larry Clinton, with Bea Wain, records, “ My Reverie.”
    1940-Inkspots record “ We Three, “ “ “Java Jive” Decca.
    1941- Birthday of  singer Desmond Dekker, one of the pioneers of reggae music,  born in Kingston, Jamaica. He was named the island's top singer five times between 1963 and 1969. Dekker's recording of "The Israelites" sold a million copies worldwide in 1969, hitting number one in Britain and making the top ten in North America as well. 
    1941 -- US: 100ø F (38ø C) highest temperature ever recorded in Seattle, Washington.
    1945- In the New Mexican desert at Alamogordo Air Base, 125 miles southeast of Albuquerque, the experimental atomic bomb was set off at 5:30 AM. Dubbed “Fat Boy” by its creator, the plutonium bomb vaporized the steel scaffolding holding it as the immense fireball rose 8,000 ft in a fraction of a second—ultimately creating a mushroom cloud to a height of 41,000 ft. At ground zero the bomb emitted heat three times the temperature of the interior of the sun. All plant and animal life for a mile around ceased to exist. When informed by President Truman at Potsdam of the successful experiment, Winston Churchill responded, “It's the Second Coming in wrath!”
    1946 - The temperature at Medford, OR, soared to an all-time high of 115 degrees to begin a two week heat wave. During that Oregon heat wave the mercury hit 100 degrees at Sexton Summit for the only time in forty years of records.
    1948-After 8 ½ seasons as manager of the Brooklyn Dodges, Leo Dourcher resigned abruptly to accept the manager's job with the New York Giants. With Dourcher at the helm, the Giants won two pennants.  In 1951 by defeating the Dodgers in a playoff and in 1954 when they swept the Cleveland Indians in the world Series.
    1949---Top Hits
Some Enchanted Evening - Perry Como
Bali Ha'i - Perry Como
Again - Gordon Jenkins
One Kiss Too Many - Eddy Arnold
    1957---Top Hits
Teddy Bear - Elvis Presley
Searchin'/Young Blood - The Coasters
Valley of Tears/It's You I Love - Fats Domino
Bye Bye Love - The Everly Brothers
    1959-The Coasters record "Poison Ivy" at the Atlantic studios in New York. The song would become their sixth consecutive Billboard Top Ten hit. A later biography of the song's writers, Jerry Lieber and Mike Stoller, claims that the lyrics are actually referring to sexually-transmitted disease and not to the poisonous, itch-causing plant.
    1959-Adios Butler, driven by Clint Hodgins, won the Cane Pace, the first jewel in pacing's triple crown, at Younkers Raceway.  Adios Oregon finished second. Adios Butler went on to win the Messenger Stakes and the Little Brown Jug to become the first triple crown winner in pacing history.
    1960-Hank Ballard and the Midnighters become the first group to place three records on The Billboard Hot 100 at the same time - "Finger Poppin' Time", "Let's Go, Let's Go, Let's Go" and "The Twist".
    1960- Three musicians in London, Eric Clapton, Jack Bruce and Ginger Baker form the band Cream. The band would go on to become regarded as rock's first supergroup as well as one of the most popular and influential bands of the 60's
    1961- Ralph Boston  sets then long jump record at 27' 2"
    1965---Top Hits
(I Can't Get No) Satisfaction - The Rolling Stones
Wonderful World - Herman's Hermits
Yes, I'm Ready - Barbara Mason
Before You Go - Buck Owens
    1966-Tommy James and The Shondells started a two week run at #1 on the US singles chart with "Hanky Panky", a song first recorded by The Raindrops in 1963. A Pittsburgh DJ had begun playing the two year old recording and regional record sales had reached over 80,000. James called the members of his now defunct band, but they were no longer interested. He recruited a group called The Raconteurs to be the new Shondells and took the master tape of "Hanky Panky" to Roulette Records, who released it. Tommy would later say, "One night I was playing for 20 drunks in a bar in Michigan, and the next night I'm playing for 10,000 screaming fans in Pittsburgh. It was literally overnight." 
    1966- The Lovin' Spoonful's "Summer In The City" is released. 
    1966- guitarist Eric Clapton, formerly of John Mayall's Bluesbreakers and the Yardbirds, joined two ex-members of the Graham Bond Organization, bass guitarist Jack Bruce and drummer Ginger Baker, to form Cream. The influential blues-rock trio sold more than 15 million albums in their three years together.
    1966-The Supreme Court hands down its decision in Miranda v. Arizona, establishing the principle that all criminal suspects must be advised of their rights before interrogation. Now considered standard police procedure, "You have the right to remain silent. Anything you say can, and will, be used against you in a court of law. You have the right to an attorney. If you cannot afford one, one will be appointed to you," has been heard so many times in television and film dramas that it has become almost cliché.The roots of the Miranda decision go back to March 2, 1963, when an 18-year-old Phoenix woman told police that she had been abducted, driven to the desert, and raped. Detectives investigating her story gave her a polygraph test, but the results were inconclusive. However, tracking the license plate number of a car that resembled that of her attacker's brought police to Ernesto Miranda, who had a prior record as a Peeping Tom. Although the victim did not identify Miranda in a line-up, he was brought into police custody and interrogated. What happened next is disputed, but officers left the interrogation with a confession that Miranda later recanted, unaware that he didn't have to say anything at all. The confession was extremely brief and differed in certain respects from the victim's account of the crime. However, Miranda's appointed defense attorney (who was paid a grand total of $100) didn't call any witnesses, and Miranda was convicted after a short trial. While Miranda was in an Arizona state prison, the American Civil Liberties Union took up his appeal, claiming that the confession was false and coerced. The Supreme Court overturned his conviction, but ironically  Miranda was retried and convicted in October 1966. As a result of the case against Miranda, each and every person must be informed of his or her rights upon arrest. In 1999, the Supreme Court agreed to re-examine the Miranda requirements in the face of persistent complaints that confessions should not be barred from evidence simply because a police officer failed to read the suspect his or her rights. 
    1967 -- On the last day of the Newport Folk Festival in Rhode Island, 20 year old Arlo Guthrie performs his new song, a 20 minute ditty called "Alice's Restaurant" . You can get anything you want... at Alice's Restaurant, exceptin' Alice
You can get anything you want... at Alice's Restaurant
Walk right in it's around the back
Just a half-a-mile from the railroad track
Oh... You can get anything you want
At Alice's restaurant.
    1969-The launch of Apollo II, the first US man sent to the moon. This launch resulted in man's first moon landing, the first landing on any extraterrestrial body.
    1969- The Who's "I'm Free" is released.
    1970 - The Pittsburgh Pirates played their first game at Three Rivers Stadium. The Bucs had spent 61 baseball seasons at Forbes Field. Cincinnati's Reds spoiled the housewarming for the Pirates with a 3-2 win. The game also marked the first time the Pirates wore new double-knit uniforms which became commonplace throughout both the American and National Leagues
    1972- Smokey Robinson performed for the last time with the Miracles at a concert in Washington, DC. They had been together since 1959. Robinson would have a successful solo career, as well as continuing with his songwriting and serving as a vice-president of Motown Records.
    1973- President Richard M. Nixon appointed the first Air Force General who was a woman, Brigadier General Jeanne Marjorie Holm of Portland, OR.
    1973---Top Hits
Will It Go Round in Circles - Billy Preston
Kodachrome - Paul Simon
Bad, Bad Leroy Brown - Jim Croce
Love is the Foundation - Loretta Lynn
    1973 - The Senate Armed Services Committee begins a probe into allegations that the U.S. Air Force made thousands of secret B-52 raids into Cambodia in 1969 and 1970 at a time when the United States recognized the neutrality of the Prince Norodom Sihanouk regime in Cambodia. The Pentagon acknowledged that President Richard Nixon and Secretary of Defense Melvin Laird had authorized the raids against Cambodia, but Sihanouk denied the State Department claim that he had requested or authorized the bombing. Though it was established that the bombing records had been falsified, Laird and Henry Kissinger, Nixon's National Security Advisor, denied any knowledge of the falsification. The Senate hearings eventually exposed the extent of the secrecy involved in the bombing campaign and seriously damaged the credibility of the Nixon administration.
    1973-The existence of what were to be called the “Watergate tapes,” recordings of White House conversations, was revealed by former White House aid Alexander P. Butterfield.  Only July 23 special prosecutor Archibald Cox and the Senate committee subpoenaed the tapes.  On July 26, President Nixon refused to release them, appealing the case through the courts until October 19, when he offered a summary of requested tapes in return for no further requests for tapes or papers. This was rejected by Cox.John Elrlichman and G. Gordon Liddy were soon to be indicted along with two White House officials, and in October Vice President Agnew resigned and pleaded nolo contendree ( not contest) to one charge of income tax evasion in return for the dropping of other charges.   Agnew was fined and given three years' probation.  Representative Gerald R. Ford, Republican of Michigan, was nominated by President Nixon for the vice-presidency, who soon was to become the first president not elected to the office directly or through the vice-presidency.
    1973- Bob Dylan releases the soundtrack to "Pat Garrett & Billy the Kid." Dylan stars in the flick with Kris Kristofferson. One song off the LP, "Knocking On Heaven's Door" reaches #12 while the soundtrack goes to #16
    1977 - Lightning struck a key electrical transmission line in Westchester County of southeastern New York State plunging New York City into darkness.
    1977--- Shaun Cassidy's "Da Doo Ron Ron" hits #1
    1977--- Barry Manilow's Barry Manilow Live hits #1
    1979 - Saddam Hussein succeeded Premier al-Bakr and became president of Iraq and chairman of the Revolutionary Command Council (RCC). He established a multilayered security system with 3-5 secret police units. He later put his son Qusai in charge of his 10,000 member Special Guards.
    1980-Afternoon highs of 108 degrees at Memphis, TN, 108 degrees at Macon, GA, and 105 degrees at Atlanta, GA, established all-time records for those three cities. The high of 110 degrees at Newington, GA, was just two degrees shy of the state record.
    1981---Top Hits
Bette Davis Eyes - Kim Carnes
All Those Years Ago - George Harrison
The One that You Love - Air Supply
Fire & Smoke - Earl Thomas Conley
    1988- Jackie Joyner-Kersee sets women's hepathlete record of 7,215 pts 
    1988 - Thirty-seven cities in the eastern U.S. reported record high temperatures for the date. Highs of 96 degrees at Bluefield, WV, and 104 degrees at Charleston WV were all-time records, and afternoon highs of 98 degrees at Binghamton, NY, 99 degrees at Elkins, WV, and 103 degrees at Pittsburgh PA, tied all- time records. Highs of 104 degrees at Baltimore, MD, and 105 degrees at Parkersburg WV were records for July, and Beckley, WV, equaled their record for July with a high of 94 degrees. Martinsburg, WV, was the hot spot in the nation with a reading of 107 degrees. Afternoon and evening thunderstorms raked the northeastern U.S. with large hail and damaging winds.
    1989---Top Hits
Satisfied - Richard Marx
Buffalo Stance - Neneh Cherry
Baby Don't Forget My Number - Milli Vanilli
I Don't Want to Spoil the Party - Roseanne Cash
    1989 - A thunderstorm at Albany, GA, produced 1.40 inches of rain in forty minutes, along with wind gusts to 82 mph. Afternoon highs of 98 degrees at Corpus Christi, TX, 110 degrees at Tucson, AZ, and 114 degrees at Phoenix, AZ, equaled records for the date. Greenwood, MS, reported 55.65 inches of precipitation for the year, twice the amount normally received by mid July. 
    1992- Fleetwood Mac's "Don't Stop" is played (over and over) as Arkansas Governor Bill Clinton accepts the Democratic nomination for President.
    1993- Lotus began shipping a new version of its popular 1-2-3 spreadsheet for Microsoft Windows. Lotus 1-2-3 quickly took over the spreadsheet market when it was first introduced in 1983. The product almost instantly wiped out the leading spreadsheet program, VisiCalc, which had also been the first spreadsheet. Lotus bought Software Arts, the company that invented VisiCalc, in 1985. 
    1994- Luciano Pavarotti, Placido Domingo and Jose Carreras performed together before 56,000 people at Dodger Stadium in Los Angeles on the eve of the World Cup soccer final. It was a reprise of their performance before the World Cup final in Rome four years earlier. The recording of the first concert sold more than 10 million copies, making it the best-selling classical album of all time. The album made at the Los Angeles concert was also a best-seller.
    1994-Bruce Springsteen showed up unannounced at the 20th anniversary celebration at the Stone Pony bar in Asbury Park, New Jersey. Springsteen and his wife, Patty Scialfa, Jon Bon Jovi and former E Street Band drummer Max Weinberg performed several songs with Southside Johnny and the Asbury Jukes. In 1974, the Jukes had been the house band and Springsteen a regular performer at the Stone Pony.
    1995- Retired journalist Marj Carpenter, 68, was elected moderator of the Presbyterian Church (U.S.A.), the church's highest elected position. 
    1997-The Dow-Jones Index of 30 major industrial stocks topped the 8,000 mark for the first time.
    1999 - John F. Kennedy Jr.'s plane crashed into the Atlantic Ocean off the coast of Martha's Vineyard (Massachusetts), killing him, his wife and his sister-in- law. The three had been en route to a Kennedy family wedding. The National Transportation Safety Board concluded that Kennedy suffered from spatial disorientation, brought on by a loss of balance in the inner ear. Kennedy's problems were exacerbated by the hazy night sky and his inability to see the horizon, plus his lack of experience as a pilot. The NTSB also said investigators did not find any mechanical problems with Kennedy's plane, a single-engine Piper Saratoga II. The conclusion it was pilot error.
    2000 --An 1919 Chicago 'Black Sox' autographed baseball is auctioned for $93,666 at eBay. The ball's value, believed to be the most for such an item, was unusually high because the autographs included Shoeless Joe Jackson who was considered illiterate and usually just signed legal documents.




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